Stockwatch Week to February 22
Market watch top headlines
SYDNEY, February 22 AAP
February 22 2013, 4:34PM
A round-up of some of the key stock movements on the Australian Stock Exchange (ASX) in the trading week to Friday, February 22, 2013:
(Includes change on share price from previous Friday close)
APN - APN NEWS & MEDIA LTD - down 2.5 cents at 27.5 cents
APN News and Media has moved quickly to appoint a new chairman but could face a difficult search for a new chief executive and independent directors following a boardroom rout.
BEN - BENDIGO AND ADELAIDE BANK LTD - down nine cents at $9.76
A key factor cited by banks for not passing on the central bank's rate cuts may soon be a thing of the past, Bendigo and Adelaide Bank boss Mike Hirst says.
BHP - BHP BILLITON LTD - down $1.72 at $36.87
BHP Billiton has appointed a new chief executive to chart a course beyond the iron ore boom and in search of new sources of profit growth.
BBG - BILLABONG INTERNATIONAL LTD - down 10 cents at 86 cents
Shares in Billabong have fallen back toward their all-time low after the surfwear retailer suffered a $537 million first half loss.
BSL - BLUESCOPE STEEL LTD - up 61 cents at $4.38
BlueScope Steel has accused Australian importers of attacking their own manufacturing industry by illegally importing cheap, dumped steel.
CCL - COCA-COLA AMATIL LTD - up 43 cents at $14.02
The high Australian dollar and price cuts by the major supermarkets have forced a big writedown in the value of Coca-Cola Amatil's (CCA) packaged fruit business.
CWN - CROWN LTD - down two cents at $11.75
James Packer's casino operator Crown has posted a 34 per cent drop in first half profit, as weak consumer sentiment and refurbishment work affected its business
EGP - ECHO ENTERTAINMENT GROUP LTD - down two cents at $3.l64
Casinos operator Echo Entertainment Group says building a new integrated casino resort in Brisbane could cost around $1 billion.
FXJ - FAIRFAX MEDIA LTD - down 1.5 cents at 52 cents
Fairfax Media has signalled it will chase even deeper cost cuts after reporting a fall in underlying first-half earnings and warning poor advertising spending will continue to drag on revenue.
FMG - FORTESCUE METALS GROUP LTD - down 40 cents at $4.83
Iron ore miner Fortescue Metals has rejected suggestions that it is vulnerable because Chinese steel use is waning, saying that country's urbanisation had more than another 20 years to run.
LEI - LEIGHTON HOLDINGS LTD - up 48 cents at $23.16
Leighton Holdings is set to sell part of its $885 million phone and internet infrastructure assets to a Canadian pension fund.
QAN - QANTAS AIRWAYS LTD - up one cent at $1.635
Qantas' key domestic operations have suffered a steep drop in first half earnings as the battle for market share forces down airfares.
SWM - SEVEN WEST MEDIA LTD - down 15 cents at $2.28
Seven West Media's newspaper and magazine businesses look set to endure more tough times, with few signs of any improvement in advertising markets.
SXL - SOUTHERN CROSS MEDIA GROUP LTD - up 24 cents at $1.485
Southern Cross Austereo shares rose about 10 per cent to a nine-month high after the broadcaster presented a cautiously optimistic outlook about the advertising market.
TLS - TELSTRA CORPORATION - down seven cents at $4.56
Telstra is axing 648 jobs from its troubled Sensis division, which runs Yellow Pages, White Pages and Trading Post.
WPL - WOODSIDE PETROLEUM LTD - up 80 cents at $37.70
Woodside Petroleum has slated more than $2.5 billion for projects in Israel and Myanmar (Burma) as chief executive Peter Coleman continues to lead a diversification push.